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Bonanza Biotech Ltd. (BONANZABIOTECH) - Director Report

Company director report

RELIABLE PLASTICS LIMITED
DIRECTORS REPORT
To.
The Members,
Your Directors are pleased to present their 17th Annual Report on the
Business and Operation of the company and audited statement of Accounts for
the year ended 31 st March,1988.
During the year, the Company has dropped the Turnover mainly because of the
restructuring process. However due to increased interest burden, low sales
and proportionate expenses of Public issue the Company has incurred a
operational loss of Rs. 30.00 lacs (Previous year loss of Rs.6.98 lacs).
DIVIDEND
In view of losses, your Directors do not propose any dividend for the Year.
OPERATIONS & RESTRUCTURING
The Company has registered a drop in income from Rs.123.51 lacs in 1997 to
Rs.33.69 lacs in 1998 is mainly because of very depressed market conditions
and less of profits because of high competition. As mentioned in the last
Annual report the Company is not able to execute its DISPOSABLE LIGHTER
PROJECT because of the non receipt of the major portion of the allotment
money.
Since the project have been substantially delayed because of reasons
mentioned in the last Annual report your Director's recommend to shelve the
said project.Inspite of various reminders to the members of the Company for
non- payment of allotment money, Directors are proposing to forfeit the
shares on which allotment money is due and reissue the same.
PROJECTIONS V/S PERFORMANCE:
Comparison of Actuals with the projections cannot be made as the proposed
project could not be implemented as stated above.
INDUSTRIAL RELATIONS
Industrial relations at units and job remained cordial during the year
under review.
AUDITORS
M/s Vijay K. Jain & Associates, Chartered Accountant, Indore retires at the
ensuing Annual General Meeting are eligible for reappointment.
PARTICULARS OF EMPLOYEES
During the year there was no employee drawing remuneration in excess of the
limit laid down in Section 217(2A) of the Companies Act, 1956 read with the
Companies ( Particulars of Employees) Rule, 1975.
STATUTORY INFORMATION
Information as required under Section 217 (1)(e) of the Companies Act,
1956, is given in Annexure-1 to this report.
ACKNOWLEDGMENT
Your Directors take this opportunity to express their greatful appreciation
for the assistance and co-operation the Company has received at all times
from the various departments of Central and State Governments, Financial
Institutions and Bankers. Your Directors further express their gratitude
for the invaluable contributions made by the people at all levels in the
organisation towards the growth of the Company.
FOR AND ON BEHALF OF THE BOARD
Sunil Bajaj
Date : 05-08-1998 Managing Director
Place: Indore
ANNEXURE (1) TO DIRECTORS REPORT
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION
FOREIGN EXCHANGE EARNINGS AND OUT GO.
A. CONSERVATION OF ENERGY.
The Company's energy conservation measures have ensured that energy
consumption grows at a much slower rate than total value processed.The
company has taken steps to save power loss at various stages. The impact of
the above measures on the cost of production is not precisely
ascertainable.
B. TECHNOLOGY ABSORPTION.
The Company keep itself exposed to latest developments in Plastic Moulding
through visits, attending seminars etc. It has a Unique scheme of conveying
the latest Technical developments right down to the first line of
supervisors. All these steps have resulted in development of communication
channels with end users, forcasting market trend through such knowledge and
achieving cost efficiency.
C. RESEARCH AND DEVELOPMENT.
The Company carries Research & Development as a continuous on-going process
in different divisions of the factory for improving quality of finished
goods.This has helped the Company in improving the quality and reduction of
cost.
D. FOREIGN EXCHANGE EARNING AND OUT GO
Foreign Exchange earnings and out go during the year is NIL.
FOR AND ON BEHALF OF THE BOARD
Place: Indore Sunil Bajaj
Date : 05-08-1998 Managing Director